Investment Rating - The report maintains an "Overweight" rating for the electronic industry [5]. Core Insights - The smart glasses market is gradually heating up, with Ray-Ban Meta's sales exceeding expectations in 2024, setting a benchmark for the industry. Major companies like Qualcomm, Samsung, and Google are collaborating on mixed-reality glasses, while ByteDance is exploring AI glasses. The report anticipates a "battle of the glasses" by 2025, with a significant market for non-display AI smart glasses expected to emerge [3]. - The report highlights that traditional eyewear manufacturers must integrate more features into their products to avoid obsolescence, targeting a market worth 16.4 billion yuan annually. The penetration rate of AI glasses is projected to rise from 10% to 20% [3]. - The semiconductor industry is at a cyclical bottom, with a weak recovery expected in the first half of 2024 and a full recovery anticipated in the second half. The report suggests focusing on undervalued stocks in semiconductor design and related sectors [5]. Summary by Sections Market Review - The SW electronic index fell by 0.17% from September 18 to September 20, underperforming the CSI 300 index by 1.49 percentage points. Among six sub-sectors, optical optoelectronics showed the highest increase at 1.28%, while components saw the largest decline at -2.41% [8][10]. Industry News - The report notes significant developments in the semiconductor sector, including breakthroughs in measurement equipment and SK Hynix's expected revenue surpassing Intel, positioning it as the third-largest chip manufacturer globally [17][18]. Company Announcements - Various companies in the electronic sector are making strategic moves, including stock buybacks and equity incentive plans, indicating a proactive approach to enhance shareholder value and align management interests with company performance [24].
电子行业周报：智能眼镜市场逐步升温，“纯血”鸿蒙系统正式版发布将近
Shanghai Securities·2024-09-25 01:01